v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended 8 Months Ended 9 Months Ended
Jun. 21, 2020
Sep. 30, 2020
Sep. 30, 2021
Cash flows from operating activities:      
Net income (loss) $ (1,334) $ (7,308) $ (47,827)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 59 1,646 7,508
Amortization of debt issuance costs and discount 134 1 218
Equity-based compensation expense 997 0 22,919
Loss on disposal of property and equipment 0 227 0
Contingent earnout expense not yet settled 0 0 338
Earnout settlement in Holdings’ equity 0 0 9,288
Change in fair value of warrants 0 0 (2,938)
Deferred provision (benefit) for income taxes 0 (1,889) (8,078)
Other 0 0 65
Changes in assets and liabilities:      
(Increase) decrease in accounts receivable (548) (181) (1,244)
(Increase) decrease in contract assets (433) (78) (3,537)
(Increase) decrease in inventory (30) (126) (234)
(Increase) decrease in prepaid insurance 0 0 (3,806)
(Increase) decrease in prepaid expenses and other assets (354) 316 (126)
Increase (decrease) in accounts payable and accrued expenses 4,647 (430) 983
Increase (decrease) in deferred revenue 64 5,549 (7,584)
Increase (decrease) in other liabilities (40) (3,398) 338
Increase (decrease) in notes payable to seller 0 0 (608)
Net cash provided by (used in) by operating activities 3,162 (5,671) (34,325)
Cash flows from investing activities:      
Acquisition of businesses, net of cash acquired 0 (63,983) (38,735)
Purchases of property, plant and equipment, net (250) (353) (1,840)
Purchases of intangible assets 0 0 (389)
Settlement of related party receivable 0 0 4,874
Net cash provided by (used in) investing activities (250) (64,336) (36,090)
Cash flows from financing activities:      
Repayments of loans (102) (580) (47,465)
Payment of loan fees to third parties 0 0 (62)
Proceeds received from loans 1,463 45,353 49,017
Payments for the Merger transaction costs 0 0 (35,935)
Proceeds from the Merger 0 0 110,583
Payment of contingent earnout 0 0 (600)
Holdings’ contribution 0 42,222 0
Net cash provided by (used in) financing activities 1,361 86,995 75,538
Effect of foreign currency rate changes on cash and cash equivalents (6) 4 59
Net increase (decrease) in cash and cash equivalents 4,267 16,992 5,182
Cash and cash equivalents at beginning of period 9,292 0 22,076
Cash and cash equivalents at end of period 13,559 16,992 27,258
Cash paid (received) during the period for:      
Interest 70 1,694 4,613
Income taxes 41 0 0
Earnout settlement 0 0 1,602
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Holdings’ contribution for acquisition of businesses 0 3,616 2,110
Purchase of intangible assets settled by Holdings 0 300 0
Initial fair value of warrants at closing 0 0 21,727
Capital expenditures not yet paid $ 0 $ 41 $ 44